JAPAN DATA: The Japanese government repeated its latest assessment
of the economy, saying the recovery is still “pausing,” hit by slower
Asian growth. In October, the government revised down its view for the
first time in 20 months. In its monthly economic report for November,
the Cabinet Office noted recent weakness in consumer spending and
industrial production but didn’t downgrade its overall assessment
because household income is recovering and automobile output is expected
to rebound early next year. “Even if the economic recovery pauses for
two to three months, it would not immediately lead to a contraction,”
Fumihira Nishizaki, director of macroeconomic analysis at the Cabinet
Office, told reporters.